https://www.taxtmi.com/caselaws?id=338422 The Tribunal allowed the respondent-assessee's appeal against disallowance under Section 14A of the Income Tax Act, stating Rule 8D was inapplicable for the assessment year. It rejected the substitution of fair market value for unlisted shares' consideration, noting the absence of such provision in the Act. The addition of share application money and leasehold right value was deleted, as transactions were not found to have tax implications. The appeal was admitted on substantial questions of law regarding share application money and leasehold right value, with directions for further review by the court. en-us Tue, 24 Jan 2017 00:00:00 +0530 Thu, 02 Feb 2017 11:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=338422 The Tribunal allowed the respondent-assessee's appeal against disallowance under Section 14A of the Income Tax Act, stating Rule 8D was inapplicable for the assessment year. It rejected the substitution of fair market value for unlisted shares' consideration, noting the absence of such provision in the Act. The addition of share application money and leasehold right value was deleted, as transactions were not found to have tax implications. The appeal was admitted on substantial questions of law regarding share application money and leasehold right value, with directions for further review by the court. Case-Laws Income Tax Tue, 24 Jan 2017 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=338422